IPO Overview
Incorporated on January 27, 2012, SJP Ultrasonics Limited is a Maharashtra-based company providing end-to-end plastic joining and automation solutions across a wide range of industries. The company operates across three core business segments — Plastic Joining Solutions, Industrial Automation, and Laser Technology Solutions — serving sectors such as Automotive, Medical, Electrical, Electronics, FMCG, Textile, Packaging, Toys, Defence, and Educational Institutes. The company offers specialised engineering solutions covering design, manufacture, supply, and commissioning of plastic welding and automation systems.
The company is now launching its SME IPO on the BSE SME platform. This is a Fixed Price Issue at ₹67 per share, aiming to raise ₹23.45 crore entirely through a fresh issue with no offer-for-sale component. The IPO opens on 30 September 2026 and closes on 5 October 2026, with listing expected on 8 October 2026 on BSE SME. As of March 31, 2026, the company had an order book of ₹2,118.56 lakhs (approximately ₹21.19 crore) from 64 purchase orders.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 5 October 2026 |
| Allotment Date | 6 October 2026 (Expected) |
| Refund Initiation | 7 October 2026 |
| Credit to Demat | 7 October 2026 |
| Listing Date | 8 October 2026 (Tentative) |
| Issue Price | ₹67 per share (Fixed) |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,68,000 (2 lots = 4,000 shares) |
| Issue Size | ₹23.45 crore |
| Fresh Issue | 35,00,000 shares (₹23.45 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company. The company also issued bonus shares in the ratio of 4:1 in February 2026.
Issue Break-up
| Category | Shares Offered | % of Total |
| Retail Individual Investors (RII) | 16,62,000 | 50.00% |
| Non-Institutional Investors (NII/HNI) | 16,62,000 | 50.00% |
| Market Maker | 1,76,000 | 5.03% |
| Total | 35,00,000 | 100% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue consists of a fresh issue of shares, and all proceeds will flow directly into the company.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for the following purposes:
- Capital expenditure towards purchase of new machinery and equipment
- Funding working capital requirements — ₹4.92 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Khandwala Securities Limited
- Registrar to the Issue: Maashitla Securities Private Limited
Promoters & Management
The company is promoted by:
- Mr. Jignesh Pravinchandra Parekh
- Mrs. Rupal Jignesh Parekh
- Mr. Parth Jignesh Parekh
- Ms. Parthvi Jignesh Parekh
- Jignesh Pravinchandra Parekh HUF
Post-IPO, the promoter holding is expected to be approximately 58% of the paid-up equity share capital.
Company Details
SJP Ultrasonics Limited is a specialised engineering solutions company engaged in providing comprehensive plastic joining and automation solutions. The company offers a full-stack approach — from designing and manufacturing to commissioning and after-sales service — for plastic welding machines, industrial automation systems, and laser-based solutions.
Sectors Served:
- Automotive
- Medical & Healthcare
- Electrical & Electronics
- FMCG & Packaging
- Textile
- Defence
- Toys, Gift & Stationery
- Educational Institutes
Key Business Segments:
- Plastic Joining Solutions — Ultrasonic welding, hot plate welding, vibration welding, spin welding, and heat staking machines
- Industrial Automation Solutions — Custom automation systems and assembly line solutions
- Laser Technology Solutions — Laser welding and marking systems
Key Capabilities:
- End-to-end solution provider covering design, manufacturing, installation, and commissioning
- Diverse and comprehensive service offerings across varied industry segments
- Long-standing relationships with established customers across automotive and industrial sectors
- As of March 31, 2026, the company had 84 employees and an active order book of ₹2,118.56 lakhs
Manufacturing Facility:
- Maharashtra-based operations with in-house manufacturing and assembly infrastructure
Certifications / Compliance Note:
- The company had not complied with the Employees Provident Fund and Miscellaneous Provisions Act, 1952 until June 15, 2024 — a regulatory compliance lapse noted in the RHP.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY23 | ₹11.53 | ₹1.41 | ₹2.78 |
| FY24 | ₹15.22 | ₹3.40 | ₹5.43 |
| FY25 | ₹21.15 | ₹4.17 | ₹6.93 |
Key Financial Metrics
- Revenue grew ~75% from FY23 to FY26 in three years, driven by strong order inflows across segments.
- PAT grew from ₹1.41 crore in FY23 to ₹5.24 crore in FY26 — a ~272% increase over three years.
- Revenue growth of ~26% YoY and PAT growth of ~26% YoY between FY25 and FY26.
- EBITDA Margin: ~31% in FY26 — healthy for an SME engineering company, though slightly declining YoY.
- PAT Margin: ~19.74% in FY26.
- Post-IPO, the IPO constitutes ~27.05% of the paid-up capital of the company.
Company Strengths
- End-to-end plastic welding solution provider — the only company in the segment offering a full-stack solution from design to commissioning across three technology domains
- Consistent three-year revenue and profit growth with healthy margins
- Diversified client base spanning 10+ industry verticals, reducing dependence on any single sector
- Strong and growing order book of ₹2,118.56 lakhs as of March 31, 2026
- Experienced promoter family with deep domain expertise in ultrasonic and automation engineering
- Entire IPO is a fresh issue — no promoter exit; all capital deployed for business growth
Key Risks & Challenges
- Highly competitive and fragmented market — the plastic joining and automation segment has numerous domestic and international players, making pricing and margin pressure a constant risk.
- Small scale of operations — at ₹26.63 crore revenue in FY26, the company is small and may face challenges in competing for large-ticket orders.
- Regulatory compliance lapse — the company was non-compliant with PF regulations until June 2024, which raises governance concerns noted in the RHP.
- Declining EBITDA margin trend — margins have slipped from 35.6% in FY24 to 31.0% in FY26, indicating rising cost pressures.
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME, making exit difficult for retail investors.
- Small workforce of 84 employees — any key-man dependency or talent attrition could impact execution capability.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
